Dow falls over 1% at close with Goldman stocks diving

By Ovunc Kutlu

ISTANBUL (AA) - The Dow Jones Industrial Average closed lower Tuesday with a more than 1% loss as a slump in shares of Goldman Sachs dragged down the blue-chip index.

The Dow plummeted 391.76 points, or 1.14%, to finish at 33,910.85. The S&P 500 lost 8.12 points, or 0.2%, to 3,990.97.

The Nasdaq, on the other hand, rose nearly 16 points, or 0.14%, to end the session at 11,095.11.

Goldman Sachs' stock price dove 6.4% to close at $349.92 per share after the US-based investment banking and financial services firm posted poor results for the fourth quarter of 2022.

The company saw its net earnings fall to $1.3 billion in the October-December period of last year, down 66.7% from $3.9 billion during the same period in 2021. Its net revenues fell 15.9% to $10.6 billion from $12.6 billion.

For the full year of 2022, net earnings plummeted 47.7% to approximately $11.3 billion from $21.6 billion. Total net revenues fell to around $47.3 billion last year, a decline of 20.2% from $59.3 billion the previous year.

The VIX volatility index, also known as the fear index, was down 0.8% to 19.33. The 10-year US Treasury yield rose 0.8% to 3.538%.

The dollar index added 0.16% to 102.37, while the euro fell 0.23% to $1.0791 against the greenback.

Precious metals were in negative territory, with gold falling 0.3% to $1,909 per ounce and silver decreasing 1.4% to $23.93.

Crude oil prices gained around 2%, with global benchmark Brent crude rising 2.6% to $86.66 per barrel and US benchmark West Texas Intermediate crude at $81.30, a 1.5% daily increase.

The New York Stock Exchange was closed Monday to observe Martin Luther King, Jr. Day.